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Published: October 08, 2008 09:19 pm    print this story   email this story  

No jars needed

Majority of us don’t need to bury our money


It’s a meltdown.

The financial turmoil facing the country, and spreading quickly across the globe, has been well publicized and continues to play out.

Something gloomier from the federal bailout of numerous financial institutions seems to be grabbing the headlines every day and it’s making many folks very skittish.

Many banks, specifically the large real estate gamblers, likely won’t survive no matter what the government has done or continues to try to do.

But what’s still standing strong through all of the agony is your typical Main Street bank. Yes, despite the predictions of massive numbers of bank failures, John Q. Public shouldn’t be flipping out.

Your local community banks are stable because they have been managed and cared for very wisely.

And perhaps the most important part of the bailout package was the decision to allow the Federal Deposit Insurance Corp. to increase the protected deposit limit from $100,000 to $250,000 per account.

The previous limit would have covered most Americans, but with the bump up to a quarter of a million dollars per account, well, any reasonable person can figure it out that everyone from the uppermiddle class on down has nothing to really sweat about.

So there’s no need to head out to the neighborhood hardware store and purchase extra quart jars to stuff that cash in. Don’t ruin the landscaping in your backyard.

Your local bank can handle your deposits safely.

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